Ready to Start Your Own Business?

The mission of this blog, started by the Founders of www.helpamericaspeople.com is to provide you, the burgeoning entrepreneur, with the most current and useful information, research, tips, tools, techniques, advice, etc. you’ll need to start your own business.

 

In the next several posts, I’m planning to discuss three diverse paths to Becoming Your Own Boss:

1)  Franchising

2)  Business Opportunities

3)  Independent Startup

 

In these still uncertain times, you want to take as little risk as possible.  For many wanna-be entrepreneurs,  franchising is a good bet because there are many advantages to becoming a franchisee.

However, if you’re the type of person who insists on maintaining total independence in every aspect of your business, franchising is most likely not for you.  Why?  Because, as a franchisee, you can become your own boss — sort of.   “Sort of” means that once you sign a franchise agreement, you must adhere to a franchisor’s mandatory rules to their business model — rules, regulations, systems and procedures.

Additionally, you will be paying the franchisor an ongoing royalty on sales.

If either of these non-negotiable factors don’t sit well with you, franchising is probably not a viable option for you.

 

Here are two of the four reasons you should seriously consider franchising  — now that you’ve decided it’s finally time to stop working for others and become your own boss.

 

1.  Successful Franchisors have a proven business model. Think of a franchise as a turn-key business.  Over time, the franchisor has learned from successes and setbacks, taken the risks ultimately leading to a stronger, more predictable business model.  ”Best practices” of the industry are in place along with effective marketing strategies, site selection, preferred vendor list, inventory systems, customized software — to name just a few.

 

2.  Franchisors provide financing assistance either directly or indirectly.  Business lending may have loosened up — but only slightly.  If you need financial help with the franchise fee, many franchisors either offer in-house financing or have long-standing relationships with lenders.   Also, the Small Business Association (SBA) looks upon franchise loans more favorably than an independent business start-up.

Check out the SBA’s Franchise Registry http://www.franchiseregistry.com/.  Franchises on this list have been pre-approved, which makes the loan application process smoother.

 

 Suggested Reading:*

 

 

 

 

*HAP receives a commision from the book seller.

 

Next Post:

Reason 3:  Franchisees Get Ongoing Support

Reason 4:  Brand Recognition = Higher Chance of Success!

 

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